1、Cautious optimism in the face of unpredictability 6th editionI N PA R T N E R S H I P W I T H:THE INSIGHT:STATE OF THE EUROPE AN PRIVATE EQUIT Y INDUSTRY2025CONTENTINTRODUCTION 31.FUNDRAISING WEAKNESS PERSISTS,BUT GPs&LPs EXPECT IMPROVEMENT 6 2.EUROPE IN THE SPOTLIGHT:EUROPE FUNDRAISING SEEN BENEFIT

2、TING FROM US POLICY 103.FEWER BUYOUTS LEAD TO INVESTMENT DECLINES,ACTIVITY PIVOTS TO NEW THEMES 124.DEFENSE:EUROPEAN PRIORITY&PE OPPORTUNITY 165.DIVESTMENT ACTIVITY WEAKENS,CONTINUATION FUNDS BECOME A SIGNIFICANT EXIT ROUTE 186.CONTINUATION FUNDS:A NEW ROUTE TO LIQUIDITY 207.AI CLIMBS THE PRIORITY L

3、IST,GEOPOLITICAL&TRADE CONCERNS EMERGE 228.FUND CATEGORIZATIONS®ULATIONS 26CONCLUSION 28ARTHUR D.LITTLEJONAS FAGERLUND Partner,StockholmGUILLAUME PICQPartner,FranceINVEST EUROPEJULIEN KRANTZResearch DirectorGeneral disclaimerADLs conclusions are the results of the exercise of its best professiona

4、l judgment,based in part upon materials and information provided to ADL by Invest Europe,secondary research,and expert interviews conducted by ADL.Use of this Report by any third party for whatever purpose should not,and does not,absolve such third party from using due diligence in verifying the Rep

5、orts contents.Any use that a third party makes of this document,or any reliance on it,or decisions to be made based on it,are the responsibility of such third party.Neither ADL nor Invest Europe accepts any duty of care or liability of any kind whatsoever to any third party,and/or any responsibility

6、 for damages,if any,suffered by any third party as a result of decisions made,or not made,or actions taken,or not taken,based on this document.2Sentiment and activity can sometimes tell contrasting stories,particularly in unpredictable times.This time last year,optimism was returning to the industry